SOLANA has regained key support at $154, above the 20- and 50-day EMAs.
SOL's funding ratio has risen amid the recent bullish rally in the market.
The recent recovery above the key $154 level has set the stage for further #Solana [SOL] bullish pressure. The altcoin gained strong bullish momentum, jumping above the 20-day and 50-day EMAs at the time of publication.
The previous oversold conditions triggered a necessary reversal from the $131 support level. Against the backdrop of this recovery, the coin has entered a zone of relative volatility. Over the past three months, it has lost about 37% of its value and has tested the $127 support level several times.
The altcoin recently formed a "falling wedge" pattern on the daily chart. After the expected bullish breakout, it tested the level of $154. Buyers hardly managed to overcome this level, where horizontal and trend resistance lines converge. However, the recent #bounce from the support range from $127 to $131 formed a classic double bottom on the chart. The recent close above $154 caused the #SOL to regain an important support line, confirming this pattern.
In the future, the SOL is likely to bounce from the $154 support level and test the $172-$175 range.
Buyers should wait for the 20 EMA to cross above the 50 EMA to confirm the bullish trend; it is worth noting that a break below the $154 support level may postpone any immediate recovery prospects for SOL. However, it failed to exceed the resistance level of 60.
the last day, the Awesome Oscillator finally closed above the zero level. The crossing above the zero level also confirmed the bullish double peaks of the oscillator.
Similar peaks were seen a few months earlier, when SOL made a bullish rally towards the $186 resistance.
Data from Coinglass shows that SOL funding rates have shown a sharp uptrend in recent days, as the bulls have re-entered the market.
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